"To put this opportunity into perspective, there are 1.3 million cell towers in China alone and they all are converting to this technology."

Gov. Scott says the Florida Technology Seed Capital Fund will help turn good ideas into businesses.

"The fund will further help companies like Bing Energy and the other companies represented here today to expand their business plans and ultimately create more jobs and opportunities for Florida families."

Rep. Ritch Workman, R-Melbourne, sponsored the bill in the Legislature last spring.

Workman says too often innovative ideas die before they can go to the market because of a lack of funding.

He believes the new investment fund will help more start-up companies survive.

"Hopefully by allowing the state to partner, become an equity partner in these small businesses, we will see tremendous growth and we'll be able to keep these amazing ideas here in Florida."

The technology in Bing Energy's fuel cells was developed at Florida State University.

It uses something called Buckypaper, which is made of tube-shaped carbon molecules 50,000 times thinner than a human hair, but stronger than steel and able to conduct electricity very effectively.

Bing Energy has developed proprietary technology called a membrane electrode assembly for its hydrogen fuel cells. The cell tower generator is the first commercial application of the technology.

The company is partnering on the generators with PowerCell of Sweden, a spinoff company of Volvo.

Bing Energy is also working with auto manufacturers to develop cars that operate on hydrogen fuel cells. Minardi says the first vehicles will hit the market in 2015.